The deadline is relevant for taxpayers whose returns are covered under the applicable August 31 due date, including certain taxpayers reporting business or professional income who are not required to get their accounts audited.
The return being filed is for income earned during Financial Year 2025-26.
Who needs to file ITR by August 31?
Taxpayers with business or professional income may need to file ITR-3 or ITR-4, depending on their income and the provisions applicable to them.
ITR-3 is generally applicable to individuals and Hindu Undivided Families (HUFs) having income from profits and gains of business or profession and who are not eligible to file a simpler return form.
ITR-4 (Sugam) can be filed by eligible resident individuals, HUFs and firms, other than LLPs, meeting the prescribed conditions and opting for the presumptive taxation provisions under sections such as 44AD, 44ADA and 44AE.
Taxpayers should select the return form based on their sources of income and the conditions applicable to them.
What if you miss the August 31 deadline?
Missing the due date does not mean that a taxpayer can no longer file the return.
A belated return for AY 2026-27 can be filed after the original due date, subject to the provisions of the Income-tax Act. However, late filing can result in a fee under Section 234F.
The late filing fee is ₹5,000 where total income exceeds the threshold.
Interest may also apply where there is tax payable.
Don’t forget to verify the ITR
Filing the return is not the final step. Taxpayers must also verify the return after submitting it. An unverified return can be treated as invalid if it is not verified within the prescribed time.
With only three days left, taxpayers yet to file should check their AIS, Form 26AS, bank interest, capital gains, TDS and other income details, select the correct ITR form and complete both filing and verification within the applicable timeline.
